Hines continues foreign investment spree
U.S. developer Hines has acquired five multifamily properties in Japan on behalf of the firm’s flagship pan-Asian fund. The 290 units with 9,300 square meters in Tokyo and Kyoto will be managed under the sustainability-focused Cavana brand and target urban dwellers in major Japanese cities, Hines said.
The acquisition is the second multifamily transaction for the Hines Asia Property Partners core-plus fund, following the purchase of 11 multifamily assets in Japan late last year. Chiang Ling Ng, chief investment officer for Asia at Hines, described the country’s multifamily segment as a resilient, non-discretionary sector and a stabilizer for a blended core-plus strategy.